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Entering Charges

Hi There! 

We take credit card payments through a merchant service and they send me a monthly statement of the fees they charge. They appear on my bank statements as Bkcd Processing fees. 

 

How is the best way to record these processing fees into Quickbooks?

 

(I apologize if the discussion topic is not correct)

 

Thank you!

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Re: Entering Charges

There are different ways record the processing fees in QuickBooks, Mirta.

 

You can either include it when you deposit the invoice payment, or create an expense transaction that affects the processing fee account.

 

Here's how you can include the processing fee in the deposit:

  1. Pay the invoice with the full amount. And make sure it is deposited to the Undeposited Funds account.
  2. Create a deposit for the said invoice payment.
  3. On the next line item, add the processing fee account.
  4. Enter the amount as negative.
  5. Then, save the deposit.

You might also want to reach out to your accountant about this. They can provide additional options that suit your company setup. They know what's best for you and your books.

 

I'd be glad to further help you if you have more concerns.

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